6th Feb 2015 07:46
LONDON (Alliance News) - BSD Crown Ltd on Friday said Zvi Williger and Zvi V & Co Company Ltd have decided to postpone exercising their put option over shares in the Willi-Food Investments food import business.
In a statement issued on Wednesday, the company said the put option relates to up to 571,074 shares in Willi-Food Investments to be acquired for up to USD6.9 million to be paid within seven days from receipt of an exercise notice. The first date for exercise of the put option is 11 months from the date of signing the Willi-Food deal.
Israel-based BSD Crown used to be a mobile technology and software company called Emblaze, but it switched focus after a failed investment deal in 2013 and bought a controlling 62.65% stake in Willi-Food Investments in May last year. It is still involved in various patent infringement disputes it brought against Apple Inc and Microsoft Corp during its previous incarnation.
In November, it had said that in light of the decrease in the market value of shares in Willi-Food since its investment and the state of the Israeli food industry in general, it appointed an independent appraiser to determine the value of its investment. The appraiser concluded that the recoverable value of the investment "significantly exceeds" its carrying value, and as such BSD has not recognised an impairment loss.
By Sam Unsted; [email protected]; @SamUAtAlliance
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